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Brits to spend £6 billion on property upgrades

Posted by: In: Real Estate 28 Oct 2014 Comments: 0 Tags: , , , , , , , , , , ,
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Nearly a third of UK home owners are looking to carry out work on their home in the next three years, with up to £6 billion in projected works planned annually, according to a new study from the Federation of Master Builders (FMB).

Almost 40% of these are set to be major refurbishments, including new kitchens, new bathrooms and home extensions, while smaller works such as loft conversions and conservatories account for 38%. More than one in five home owners (22%) cited that the primary reason for their home improvements is being unable to buy a new home, and thus feeling compelled to upgrade their current space.

Brian Berry, Chief Executive of the FMB, which commissioned the study, said: “We have seen a rising trend of multi-generational households – with grown-up children opting to stay with their parents while they save money for their own homes – this study suggests more than a million home owners across the country want to build extra space as their children are unable to fly the nest.”

UK, Property Development

Source: The Movechannel

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